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GRAINS

December Corn closed down $0.13-cents at $3.44.

December corn closed sharply lower on Friday as traders shrugged off a massive corn sale to China this morning and focused on improving weather forecasts and a generally uneventful USDA supply and demand report from USDA's July World Agricultural Supply and Demand Estimates (WASDE) report. The low-range close sets the stage for a steady to lower opening when Monday's night sessions begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $3.39 1/2 would confirm that a short-term top has been posted. If December renews the rally off June's low, the 50% retracement level of the January-June decline crossing at $3.73 is the next upside target. First resistance is last-Thursday's high crossing at 3.63. Second resistance is the 50% retracement level of the January-June decline crossing at $3.73. First support is the 50-day moving average crossing at $3.39 1/2. Second support is June's low crossing at $3.13 1/2.

December wheat closed up $0.10 1/2-cents at $5.40 1/2.

December wheat closed higher on Friday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off June's low, the 75% retracement level of the March-June-decline crossing at $5.53 is the next upside target. Closes below the 20-day moving average crossing at $5.05 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $5.42 3/4. Second resistance is the 75% retracement level of the March-June-decline crossing at $5.53. First support is the 50-day moving average crossing at $5.16 3/4. Second support is the 20-day moving average crossing at $5.05.

December Kansas City Wheat closed down $0.03 1/4-cents at $4.64 3/4.

December Kansas City wheat closed lower on Friday as it consolidates some of the rally off June's low. The mid-range close sets the stage for a steady to lower opening when Monday night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $4.71 would open the door for a larger-degree rally near-term. If December resumes this year's decline, weekly support crossing at $4.12 is the next downside target. First resistance is the 50-day moving average crossing at $4.71. Second resistance is June's high crossing at $4.95. First support is the 10-day moving average crossing at $4.54 3/4. Second support is June's low crossing at $4.37 1/4.

December Minneapolis wheat closed down $0.00 3/4-cents at $5.38 1/4.

December Minneapolis wheat closed fractionally lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally. The June 18th high crossing at $5.49 is the next upside target. Closes below the 10-day moving average crossing at $5.30 would signal that a short-term top has been posted. First resistance is the June 18th high crossing at $5.49. Second resistance is June's high crossing at $5.54 1/4. First support is June's low crossing at $5.22 1/4. Second support is weekly support crossing at $5.15 1/2.

SOYBEAN COMPLEX? 

November soybeans closed down $0.11 3/4-cents at $8.89 3/4.

November soybeans closed lower on Friday due to technical selling triggered by favorable weather forecasts and concerns over U.S.-China trade relations. Spillover weakness from corn also helped to pressure prices as supplies rose by 45 million bushels and crush estimates also went up 15 million bushels, for a net gain of 30 million bushels that left 2020/21 ending stocks at 425 million bushels. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $8.82 1/2 would confirm that a short-term top has been posted. If November renews the rally off April's low, the 62% retracement level of the December-April-decline crossing at $9.25 1/4 is the next upside target. First resistance is Monday's high crossing at $9.12 1/2. Second resistance is the 62% retracement level of the December-April-decline crossing at $9.25 1/4. First support is the 20-day moving average crossing at $8.82 1/2. Second support is the 50-day moving average crossing at $8.67.

December soybean meal closed down $5.00 at $294.50.

December soybean meal closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $297.40 would confirm that a short-term top has been posted. If December resumes the rally off June's low, the 50% retracement level of the 2019-2020-decline crossing at $312.30 is the next upside target. First resistance is the 38% retracement level of the 2019-2020-decline crossing at $306.50. Second resistance is the 50% retracement level of the 2019-2020-decline crossing at $312.30. First support is the 10-day moving average crossing at $300.00. Second support is the 20-day moving average crossing at $297.40.

December soybean oil closed down 12-pts. At 28.80.

December soybean oil closed lower on Friday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes above the 50-day moving average crossing at 28.28 would confirm that a short-term top has been posted. If December extends the aforementioned rally, the 38% retracement level of the December-March-decline crossing at 29.91 is the next upside target. First resistance is Tuesday's high crossing at 29.64. Second resistance is the 38% retracement level of the December-March-decline crossing at 29.91. First support is the 50-day moving average crossing at 28.28. Second support is June's low crossing at 27.74.